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FNS40815 - FNSINC402 - Assessment 1 - Knowledge - Mohamed Husain
FNS40815 - FNSINC402 - Assessment 1 - Knowledge - Mohamed Husain
Assessment 1 - Knowledge
Activity 1
Using comparison websites is a good way to obtain up-to-date information about financial products
and services. Explain some of the limitations of these comparison systems.
(Explain systems that can be accessed to obtain up-to-date information on products, services, and
competition).
Activity 1 Answer
Activity 2
In your own words, describe the difference between a debit card and a credit card.
(Describe the products and services used by the organisation or sector and their purpose).
Activity 2 Answer
Activity 3
Assume one of the big four banks in Australia introduced a new home loan product which was highly
competitive for the other 3 banks. Describe the most likely outcome.
(Describe products and services used by competitors that are similar to those of the organisation).
Activity 3 Answer
Activity 4
Explain how a financial products broker might segment customers and potential customers. Which
segments would be the most attractive to them, and why?
(Explain different marketing methods and approaches to promoting or selling financial products and
services).
Activity 4 Answer
Activity 5
Describe the general standards of financial product promotional and marketing practice that would
be reflected in organisational policy and procedures.
Activity 5 Answer
Activity 6
Outline some of the changes organisations may need to make to their sales promotion procedures
to consider the trend to ‘consultative selling’ (which places the emphasis on the salesperson
becoming a “trusted advisor” to the customer).
(Describe ethical and regulatory conditions that must be adhered to in promoting products and
services to clients).
Activity 6 Answer
Activity 7
Outline why financial institutions have adopted ‘cross-selling’ techniques to grow their businesses.
(Outline general client characteristics and needs for the organisation or sector).
Activity 7 Answer